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Monday, 22 February 2016

EQUITY BENCHMARKS CONTINUED TO BE IN POSITIVE TERRAIN NIFTY ENDS NEAR 7250

BUY BFUTILITIE ABOVE 515 TGT 530/560 SL 490

Nifty50 was
testing its crucial support level of 7250 supported by leads in banking, auto,
realty and energy stocks The Nifty futures
is managing to sustain above 7200 levels, but is not gaining momentum to extend
its up move sharply. Gains were led by ICICI bank, Reliance Industries Tata
Motors, L&T, Sun Pharma. The 50-share NSE barometer Buying was visible in healthcare stocks. The healthcare
index was up 1.17 % Oil & gas index was the top sectoral gainer up 1.23 %.
Castrol India was the top gainer from this space up 2.76 %.The
market breadth remained positive as about 1386 shares advanced against 1089
declining shares on the BSE. Equity benchmarks extended gains in afternoon
trade with the Nifty reclaiming 7250 level, aided by oil, pharma, technology
and banks stocks.Data showed that topline growth of the Nifty50 companies fell 2 % in
December quarter, while PAT dropped 15 %, let down by weak numbers from commodities
and capital goods companies. Oil prices recovered today following
steep losses in the previous session, supported by a fall in the number of US
rigs in use, but analysts said general oversupply was keeping the market weak. Gold
prices fell by Rs 280 to crack below the Rs 29000 mark to Rs 28970 per ten grams
at the bullion market today tracking a
weak trend overseas amid subdued demand from jewelers at domestic spot market. The Indian rupee recouped some of its early losses but
still traded weaker at 68.54 per US dollar, down 0.11%, from its previous close
of 68.47. Railway Minister Suresh Prabhu will present the rail
budget on February 25 while Finance Minister Arun Jaitley will unveil the union
budget on February 29.HUL, Reliance,
sun Pharma, Dr Reddy's Labs and ONGC were top gainers while ITC, Adani Ports,
Maruti, Wipro and GAIL are losers in the Sensex.